Villa & Hut founder Franz Madlener says he will continue with attempts to extract the chain out of Allied Brands and will begin discussions with the company’s administrators.
Madlener has been trying to buy the business back since late June, but was unable to secure a deal before Allied Brands collapsed into administration last week.
This morning, administrator Peter Dinoris, of Brisbane accounting firm Vincents Chartered Accountants, released to the ASX details of the company’s first creditors meeting (to be held on 8 November) and a list of creditors that have been identified.
While the amount owed to secured creditors is not specified – it would appear to be about $12.2 million, based on Allied’s most recent accounts – the documents show unsecured creditors are owed $9.8 million.
Unsecured creditors include Westfield, the Australian Taxation Office, Travelex, Australian Securities Exchange, Worldwide Printing and several law firms.
Former Allied chief executive Peter Graham is also listed as a creditor.
Franz Madlener says he will now launch discussions with the administrators with a view to doing a deal to take back control of Villa & Hut and revitalising the chain.
He says he remains extremely disappointed at Allied’s demise.
“After selling to Allied Brands in June last year, I did so in the absolute belief if was the best way to grow Villa & Hut and meet the demand for the brand,” he says.
“I am bitterly disappointed Allied Brands wasn’t able to meet the potential and have taken things backwards.
“All I can focus on now is getting the deal done for franchisees and stakeholders.”
James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
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